AVX Learning LLC signed an asset purchase agreement acquire Adayana Inc. for $5 million in a credit bid on December 5, 2013. As part of the agreement, AVX will pay the cost of curing defaults on Adayana contracts. The transaction is subject to approval from government body and expiration of waiting periods.

Judge Robyn L. Moberly of the U.S. Bankruptcy Court approved the transaction on December 5, 2013. The sale is expected to close by the end of the month. Michael O'Neil of Taft Stettinius & Hollister LLP acted as legal advisor to Adayana Inc. Jeremy M. Downs and William R. Loesch of Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz Ltd. acted as legal advisor to AVX Learning, LLC.